After a slight stumble in 2010 in the wake of the global recession, the worldwide flowmeter market has rebounded strongly, growing at double digit rates through 2011 and 2012 as suppliers fulfilled pent up demand in the power, mining, and oil & gas industries, according to a new study by ARC Advisory Group.
Sales of major flowmeter technologies will continue to move at brisk rates going forward, driven by increased business in the chemical and energy sectors. Flowmeter suppliers will benefit from investment and expansion activities, and they have aligned their business goals to capitalize on growing industry segments and geographic regions that will enable them to increase market share.
More widespread adoption of intelligent field devices such as ultrasonic and coriolis flowmeters has helped owner/operators to improve the accuracy of their flow measurements, with repeatability and reliability previously unavailable with older mechanical meters or crude methods such as orifice plates or PD meters. Device intelligence has helped flowmeters to evolve beyond their basic purpose to be indispensable tools for process and business improvement.
More information on the study can be found here.